Next Best Offer refers to the individualised approach to a customer via all channels with the most suitable product for him. We at Dastani Consulting have developed an algorithm that uses predictive analytics to determine the Next Best Offer for relevant customers in the company.
Background
Imagine that: You are visiting an online shop with around 500,000 products. Behind it is a gigantic amount of data. This raises the question: How can we use this data to increase the conversion rate in the online shop?
The challenging task was to present the customer in the online shop with the goods he was really looking for. In the case of random product recommendations, it is quite unlikely that there is an item there that will ultimately convince the customer to buy.
Methodology
This is where our real-time forecasts based on AI help. They calculate which customer will buy which product next based on historical orders and purchases.
Our Next Best Offer methodology is used to predict the likelihood of your potential customers buying additional products from the available range – to which they have a high affinity.
The right content for marketing and sales: Individual recommendations
No matter whether Next Best Offer is used in personalised print mailings or in e-commerce – our company forecasts show that over 40% of the active customer base have purchased at least one individualised recommendation in the online shop. The larger the product range of an online shop, the more worthwhile it is to use Big Data methods. Customers want to be understood – this is exactly what our Next-Best-Offer makes possible.
In addition, we at Dastani Consulting have developed a mobile Next Best Offer app for the sales force, which provides sales information. You can read more about this in our next article.
If you have any further questions, please visit our social media channels (Xing, Linkedin) or call us at +49 (0)641 984 46 – 0.
